Nigeria spent $2.34 billion on food imports in 2025, according to data contained in the latest Quarterly Statistical Bulletin released by the Central Bank of Nigeria.
The figure represents a 7.37 per cent decline from the $2.53 billion recorded in 2024, indicating a moderation in food-related foreign exchange demand despite the country’s continued dependence on imported food products.
The report also showed that the share of food imports in total foreign exchange utilisation declined significantly from 9.49 per cent in 2024 to 4.97 per cent in 2025. This came as total foreign exchange utilisation increased from $26.65 billion in 2024 to $47.17 billion in 2025.
According to the CBN data, food imports accounted for an average monthly foreign exchange utilisation of $195.28 million throughout 2025.
Monthly utilisation figures showed that food importers used $213.11 million in January, $195.68 million in February, $141.30 million in March and $141.13 million in April.
The amount increased to $202.83 million in May before declining to $171.08 million in June.
Food import demand strengthened during the second half of the year, with utilisation rising to $229.70 million in July, $175.55 million in August and $248.60 million in September, the highest monthly figure recorded in 2025.
Food importers further utilised $193.05 million in October, $185.45 million in November and $245.86 million in December.
Although food imports remained a significant component of foreign exchange demand, their share of total utilisation declined by 4.52 percentage points, falling from 9.49 per cent in 2024 to 4.97 per cent in 2025.
The figures indicate that food imports accounted for a smaller proportion of overall foreign exchange demand even as more foreign exchange was utilised across different sectors of the economy.
Overall foreign exchange utilisation rose by $20.52 billion, representing a 77 per cent increase from $26.65 billion in 2024 to $47.17 billion in 2025.
In contrast, foreign exchange utilised for food imports declined by $186.40 million, dropping from $2.53 billion in 2024 to $2.34 billion in 2025.
Analysts suggest that the reduction in food import spending could reflect weaker demand for imports or improved local substitution in some food categories.
However, the continued expenditure of more than $2.3 billion on food imports underscores Nigeria’s persistent reliance on foreign food supply chains.
Separate data from the National Bureau of Statistics (NBS) showed that Nigeria’s spending on imported food and beverage products surged to N7.65 trillion in 2025.
The figures, contained in the NBS Foreign Trade Statistics report, highlight the country’s growing dependence on imported food supplies amid rising domestic demand and longstanding structural challenges affecting the agricultural sector.
Speaking in an interview with Nairametrics, Opeoluwa Runsewe, Chief Executive Officer of Terroso Group, a diversified company with interests in agriculture, manufacturing, energy and resources, warned that Nigeria is “exporting jobs and importing inflation.”
He explained that structural inefficiencies within the economy, combined with global disruptions such as the ongoing conflict in the Middle East, are placing additional pressure on Nigeria’s logistics chain and worsening the country’s food security challenges.
